Bitcoin Dips Below $30,000
Earlier today Bitcoin dropped below the $30k mark for the first time in around a week but has been in a downtrend since early this year, possibly signifying an end to the furious bullish run that we have seen since the market crash of last March.
If we focus on BTCUSD on a 4 Hour Timeframe, we can see a possible setup for a bearish breakout coming within the next week or so, which could mean a return to the highly anticipated $8000 region.
Above we can see the downtrend much clearer, as it looks to be forming a descending formation, into a bearish breakout.
If price does drop below the $29k mark and continues to fall, we will definitely be looking at catching the pullback and test at the $30k level if this move does come to fruition.
Of course, there are many possibilities in the crypto markets and anything can happen at any time, but we like to try and predict the most likely outcome for you to trade.
XRPUSD has seen a very similar move to BTCUSD over the past 3/4 weeks and could follow the crypto giant into lows not seen since last March. XRP currently trades at around the $0.252 mark, bouncing along a long-standing support area of $0.240 - $0.250.
A dip and hold below this area could signify a very strong bearish move in the short to medium term, possibly reaching lows of $0.08 - $0.10 again.